Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee




Posted November 09, 2020

FirstBanc of Alabama Inc., parent company of First Bank of Alabama, is acquiring SouthFirst Bancshares Inc., parent company of SouthFirst Bank. Both banks are headquartered in Talladega County.

FirstBanc will pay all-cash consideration to SouthFirst as the sole shareholder of SouthFirst Bank, with other financial terms not disclosed. SouthFirst Bank will merge with and into First Bank of Alabama. The transaction has been approved by the boards of directors of both institutions but still needs approval by SouthFirst’s shareholders and regulatory approvals. The transaction is expected to close no later than the second quarter of 2021.

After the merger, First Bank of Alabama will operate 11 full-service locations across east central Alabama.

“This combination will expand our presence in Talladega County, and in particular give us a physical location in the southern end of the county, while also allowing us to enter the Clanton and Chilton County market,” said Chad Jones, president and CEO of First Bank of Alabama. “We eagerly anticipate the addition of SouthFirst associates to our bank family.”

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